SBA 504 Self Storage Feasibility Study in New Hampshire

A pause since FY2023

New Hampshire self storage under SBA 504 has gone quiet. After 9 loans and $12.2 million in FY2021, the file shows 1 loan in FY2023 and none in FY2024, FY2025 or FY2026. Across FY2017 to FY2026 the cell holds 26 approvals worth $27.4 million, with a median of $814,000 that stands at 0.91x of storage under the program elsewhere, and half of the loans between $591,500 and $1.2 million. A reader should treat the stop as a timing fact about this program in this state.

Position and holders

New Hampshire is 11 among states by count, and storage ranks 5 of 39 at home, a leading position in a small market. No franchise brands appear, at 0.00%. The table lists Granite State Economic Development Corporation, with 15 loans and $14.8 million, and Capital Regional Development Council, with 7 and $7.1 million, which means the first financed most of the cell. Hillsborough and Strafford counties lead with 5 each, Carroll and Rockingham follow with 4, and Merrimack has 3.

Scope and blanks

A boat or camper yard is not given its own code and is included in the cell. Cancelled and charged-off shares are absent for New Hampshire storage, the early groups being small, and absent does not mean nil.

What the study for a New Hampshire facility must test

The state is small, so the trade area is the first test: households within a short drive, existing storage and the occupancy of neighbors. Land is costly and local approvals can be slow, so the study should show zoning, site plan review and the schedule to a certificate of occupancy. Snow load and climate-controlled space affect construction cost, and the study should list both. Rent assumptions should come from surveyed facilities, and the lease-up should be stated month by month. Because 504 finances the building and the land, the appraisal will set value on stabilized net income, and the study should show it with a vacancy allowance. A request near $814,000 is a substantial building, and the lender will ask for the sponsor's experience and the management plan. Coverage should hold if occupancy stalls below target for a year.